The importance of health insurance plans cannot be stressed enough in today’s era. However, we cannot enjoy the benefits optimally unless the concept of health insurance is clear. Following are the basic queries that bug the average individual with reference to health insurance plans.
• What is health insurance and how is it important?
Health insurance is a need of the hour owing to the surge in medical expenses. It prepares us for unforeseen medical mis happenings and obviates the possibility of a financial crunch. By paying a fixed monthly or annual premium, we can get financial coverage without much hassle. The intent behind the concept of health insurance is to free us of future financial worries.
• What is the waiting period for a health insurance policy?
One has to be aware of the nitty-gritty to fully grasp the concept of health insurance. Waiting period refers to the time gap when an individual cannot claim any insurance. A certain amount of time must pass before the insurance company will initiate medical coverage. It differs according to the policy but generally, it is 30 days.
• What is a pre-existing condition in health insurance plans?
The term pre-existing condition is closely related to what is health insurance. It refers to any minor or major medical condition affecting an individual. The insurance company generally does not cover for any such condition that was already prevalent.
• What to do if the policy lapses?
One’s health insurance lapses when they fail to pay the premium on time. In such cases, one should make the payment within the grace period ranging between 15-30 days. In case the payment is not made within the grace period, then it cannot be renewed. The only option left is to buy a new policy.
• How to claim coverage for medical expenses?
The concept of health insurance aims to give both medical and financial aid to the recipient. The insurer files the request in the hospital for claim settlement. Then the insurer verifies the authenticity of the policyholder and the coverage applicable for them. One must retain all the medical bills and documents pertaining to the policy for future records.
• How to get the best medical policy?
Only by understanding what is concept of health insurance, can we determine the best policy. The current market is replete with innumerable policies tailored to your needs. The best medical policy is one that fulfills all your requirements without exceeding your budget.
• What are the important exclusions?
Exclusions refer to a range of medical services that will not be covered by the particular insurer. It can be a pharmaceutical drug or some surgery. It varies from plan to plan and generally, a pre-existing condition is a part of it.
• What are the documents required for claiming reimbursement?
The insurance company's claim form should be duly filled and signed by the policyholder. A written consultation from the doctor, the hospital bills, diagnostics report and identity proof. Basically, one should be prepared with all the medical files that may come handy.
Having said all of that, the terms and conditions vary depending upon the types of health insurance plans. So one must go through their health insurance plans minutely to obtain maximum coverage and face minimum fuss.